CBI were taken down by debt and project losses. MDR swallowed CBI's problems whole. We learned this week that these problems are not under control. These problems are so bad one of these clowns said they are a take over defence. Nobody would be foolish enough to take on these problems. Except MDR. MDR are like the Marines, we run TO trouble not from trouble. But these were not our problems to fix, why did we swallow these poison pills? You don't run toward an oncoming train! You can't run away from the ground below after you jump over a cliff! The prodigies which run MDR thought maybe they could fix the projects and that they had enough money and equity to absord the shocks Q over Q. now we see they can't fix the projects and the strategy is just to absord the losses, now with more equity and more cash. Wall street's sharkiest firm to the rescue! Sell off our most profitable divisions before real market growth kicks in. Brilliant! MDR now admit the focus projects were broken from day 1. But how do you fix lumpsum contracts that were underbid without going bankrupt? Nobody told MDR to take on these problems, they were foolish to do it. "Focus projects" is right, they take too much attention of mngt, they distract us from our jobs and our families, and there is no upside. At least not to the employees, you are still a cost, part of the problem, need to be cut. No raises, bonuses, promotions for YOU greedy swine. We need to save money for executive comp. But there never was an upside. The Wonderboys believed their own press, now realise they are in over their heads. They aren't smart enough to fix these projects, so now they are trying to save the company. And calling it business as usual. "Nothing to see here, no train wreck in process. It's not our fault. You just lack faith and overreacted. But don't worry, the employees will pay". Work hard now, get laid off anyway, that's what my performance goals say.
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I am sorry to report that the flogging will continue until morale improves
Insider trading reported. So are mngt expecting a takeover? Or that the stock price will jump after the stockholders revolt and new better execs are hired? Or are mngt just as clueless about how bad they are running MDR and the losses coming as they have been since the start? F---, I'm in hell.
"from the wellhead to the storage tank"
CB&I O&D only cared that their check cleared and the decimal was in the right place. "Mr. Market doesn't like this transaction" tardo said. The market knew better. SUBC knew better. But CB&I employees were the merchandise. We lost faith after our first town hall with MDR execs. Bad managers of people, The people part is the tail that wags the dog. But maybe they are reasonable...no I guess not. BJF falls short.
We only heard about the headliner projects, the disasters turned around, the losers were buried in the numbers. Same message this week.
"My American Cousin is a funny play. You would have enjoyed it if you stayed to the end. That other thing was not our fault, but we'll fix it next time, Mrs. Lincoln. You need to get over it. Remember we still made payroll for the whole cast." Same message. Same lesson. The merchandise just cares that the check clears too. Except the quitters. Lots and lots of quitters. Soon no tail big enough to wag the dog.
Pigs get fat, hogs get slaughtered!
Between bean counters and computers you do not stand a chance. They do not understand or use common sense.
They just want to nickle and dime you to death.
Cheap labor, low quality for top dollar. Oink, Oink!
How's that working for you?
Old CBI thought we were being saved because the executive management was so inept that we though anyone with a thread of common sense would turn things around. Hind sight is 20/20 and everything I learns the past 25 years is wrong - I have been a part of a successful cbi project my whole time here. Good insight - work hard until you get laid off. Then ask around and figure out how to do it right at my next job if anyone will hire me with MDR guilt by association.
Mcdermotts offshore projects were equally bad, most were done at a loss. The big ones we currently have on the books for total, Exxon are bleeding money as are most of the other ones as well. The only ones we have ever profited on are the cookie cutter jobs in the ME. Why the cb&i people thought they were being rescued was a mystery to those of us who have endured the last 5 years.
McDermott has the depth of expertise and full range of innovative capabilities to help companies solve today’s problems while planning for the complex challenges of tomorrow from the wellhead to the __ .